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Orchid Grove townhomes trade in $11M deal

649 South Cypress Road54 townhomes in the Orchid Grove in Pompano Beach has been sold by CBRE (who represented the seller) to 1370 S. Ocean LLC for $11 million.

Buildings that can be seen at 649 Cypress Road were sold for almost $94 per sq. ft., or $203,704 in total. Investors had been drawn down to South Florida due to its remarkable performance and occupancy rates going up to 95%, and with record-high rental rates as well.

AT the start of February, multi-family deals such as 7635 Dickens Avenue, 531 76 Street and At the start of the month, CBRE also closed multi-family deals at 7609-7617 Carlyle Avenue, covering almost 31 units, were sold $106,710 per unit by CBRE.

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